The broker’s cryptocurrency suite has been expanded to include ETH/USD and LTC/USD.
HYCM, an FCA CySEC regulated broker established since 1977, has expanded its list of trading instruments to include an additional two altcoins, Ethereum and Litecoin, adding ETH/USD and LTC/USD to its offerings. The move comes in response to client demand for cryptocurrency trading and follows the recent introduction of Bitcoin with the BTC/USD pair.
Interest in cryptocurrencies has seen massive growth in recent months. Bitcoin prices, for example, have risen more than 300% year-to-date and despite recent volatility, it has retained the majority of these gains with prices still flying high around the $4,000 mark.
Ethereum prices have also risen dramatically in recent times, in this case by as much as 5,000% percent since January 2017 as appetite for digital assets continues to grow. Ethereum, currently trading at around $384, is now ranked the second-largest cryptocurrency by market capitalisation and is worth $36.2 billion versus bitcoin’s $76.2 billion valuation.
Litecoin prices have also climbed in recent times, having just moved up to the number five spot in the list of the world’s most valuable cryptocurrencies. Presently trading against the US dollar at $62.7 with a $3.3 billion market cap, Litecoin is one of the few cryptocurrencies to have remained fairly stable during market volatility.
HYCM’s decision to expand its cryptocurrency CFD offering follows the impressive returns recently generated and increased demand from its clients wishing to capitalise on their performance without needing to physically purchase them. For this reason, the industry is likely to see even larger numbers of traders moving towards brokers to purchase these cryptocurrencies.
HYCM is one of the first brokers to offer traders a range of cryptocurrencies, reinforcing its position as one of the industry’s leading brokers.
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